Monthly Archives: March 2012

President expresses optimism after visit to offshore oil rigs

– REPSOL and CGX see positive signs

Georgetown GINA, March 30, 2012

Guyana’s domestic economy is poised for significant development over the coming years with the extractive industries playing a great part. Oil is one of the most looked forward to industry with Government having high expectations of a find.

On March 30, President Donald Ramotar had the opportunity to visit the two offshore oil rigs, REPSOL and CGX offshore Guyana during which he expressed optimism for an oil discovery.
Accompanied by First Lady Deolatchmee Ramotar, Minister of Natural Resources and the Environment Robert Persaud and other officials, President Ramotar was able to observe operations on board both rigs and view promising samples on the REPSOL rig.

Guyana: 2012 National Budget – Summary (GINA)

History was again made today in the National Assembly as Minister of Finance, Dr. Ashni Singh presented Guyana’s largest national budget; the first in the life of the Tenth Parliament. Presented under the theme, “Remaining on course, united in purpose, prosperity for all”, budget 2012 worth $192.8B, is fully financed without the introduction of any new taxes.

Minister Singh in his succinct presentation said that with the new parliamentary dispensation, whereby the governing Party does not hold an absolute majority, beckons the country into a new political epoch and heralds an opportunity for the nurturing of a new political culture.
“Budget 2012 comes to this House when the Guyanese economy is at its strongest in recent memory. Our productive base is showing increasing signs of resilience and dynamism and is more diversified than ever before, with real growth in gross domestic product averaging 4.4 percent over the past five years,” he said…..

West Indies draw series with 14-run win

Fidel Edwards and Marlon Samuels bowled West Indies to a 14-run victory to draw the Twenty20 series 1-1 in Barbados. Dwayne Smith and Johnson Charles started the day with a strong, aggressive opening partnership and despite Australia’s bowlers fighting back to dismiss West Indies for 160, it proved to be sufficient for the hosts as Australia’s batsmen stalled in the chase after David Warner’s quick opening.

Too much was left for the final few overs for Australia, who needed 50 from the last five overs and then 19 from the last six balls, bowled by Dwayne Bravo. David Hussey was the only specialist batsmen left at the crease but he couldn’t launch the boundaries required off Bravo, who picked up two wickets in that final over as Australia fell well short of their target. [read more]

Increases in the income tax threshold, old age pension and public assistance were not enough to impress the opposition when finance minister resented the GUY$192.8B 2012 National Budget on Friday March 30, 2012.

The minister concluded his almost three-hour presentation to the National Assembly with the relief measures.

“Public assistance is currently paid at a monthly rate of $5,500 to approximately 9,000 beneficiaries, Budget 2012 provides for public assistance to be paid with effect from 1st May, 2012 at a rate of $5,900, a seven percent increase,” Dr. Singh announced to cries of “shame shame” from the opposition.

Turning to old age pension the minister revealed that the monthly amount would be increased from $7,500 per month to $8,100 per month and will also take effect from May 1. (Note: $G1M = app US$5,000)

The countries of the Caribbean Community and Common Market (CARICOM), with the exception of Guyana and Suriname, are each experiencing severe decline in their economies. The small Leeward and Windward Islands are worst affected, and so too is Barbados.

Sir Ronald Sanders is a business executive and former Caribbean diplomatwho publishes widely on small states in the global community. Reponses to: www.sirronaldsanders.com

Governments are struggling to find ways in which to spur economic activity that could produce growth. Meanwhile, unemployment and poverty are growing. Unemployment is highest amongst the youth, making for an alarming situation.Presenting a lecture to students of the University of the West Indies recently, I received the greatest applause and nods of approval, when I lamented the fact that there were now many graduates of the University who were unable to find jobs that correspond to their level of qualifications, if they could find any jobs at all.In this regard, many Caribbean countries are like pressure cookers, waiting to explode. Only migration and remittances from family abroad are easing the pressure. But, even these valves are not sufficient to relieve discontent completely.Continue reading →

CARIBBEAN WEEK IN NEW YORK WILL BE HIGHLIGHTED BY CULTURAL FAIR, VACATION MART, MEDIA MARKETPLACE, RUM & RHYTHM BENEFIT

Events Take Place June 3 – 9 for Ministers, Directors of Tourism, Consumers & Media

NEW YORK, NY (March 29, 2012) — Caribbean Week in New York will take place June 3-9, 2012 as a celebration of the sights, sounds, color and culture of the region. Combined with meetings and seminars for Ministers of Tourism, Directors of Tourism, National Tourist Office representatives and other key tourism and hospitality officials from the around the Caribbean, the week of activities will also promote unique vacation experiences to consumers at a day-long event at New York’s celebrated Grand Central Terminal as well as stage the annual Media Marketplace which draws travel writers from across North America.

Artists, performers, celebrity chefs, fashion designers, models, investors and other strategic partners join government officials and the media as all converge on New York for a week that showcases the diversity and vibrancy of the region and offers Caribbean vacations at super special prices available only during Caribbean Week.

Organized by the Caribbean Tourism Organization, Caribbean Week in New York combines business sessions and consumer-oriented events with food, fashion, entertainment and networking opportunities. The week begins with a Gospel Celebration and culminates with the much anticipated Caribbean Fashion, Art and Trade Expo. Continue reading →

THE UK RIOTS OF 2011 – INTERIM REPORT

From August5-11, 2011, television viewers watched news coverage of looting, violence, arson and vandalism on a scale which shocked and traumatised communities and the country as a whole. Five people lost their lives and hundreds more lost their businesses and homes.

The Report was commissioned by the Government toascertain:

—— what may have motivated the small minority of people who took part in rioting
—— why the riots happened in some areas and not others
—— how key public services engaged with communities before, during and after
the riots
—— what motivated local people to come together to resist riots in their area or
to clean up after riots had taken place
—— how communities can be made more socially and economically resilient in the future in order to prevent future problems
—— what could have been done differently to prevent or manage the riots.

Canada scraps some skilled immigrant applications

Stabroek News- On March 29, 2012

OTTAWA, (Reuters) – Canada plans to eliminate a backlog of by skilled workers, in a potentially controversial move designed to enable immigrants whose skills are in greater current demand to enter the country faster.

Some Canadian employers have complained that backlogs have hobbled the immigration system and made it unable to respond nimbly to demand for foreign workers in higher growth sectors like video-gaming and the oil patch.

Finance Minister Jim Flaherty said yesterday that Canada now plans to return almost all of the 300,000 foreign skilled worker applications that were filed before February 27, 2008, along with their C$130 million ($130 million) in fees. Some have been waiting for a decade or more.

Flaherty made the announcement in his annual budget, saying the reforms would make the system faster and more efficient. Continue reading →

Since the introduction of the 16% Value-Added Tax (VAT), through which the government earns billions in revenue annually, the PPP/C administration has presented a series of austere budgets, which offer virtually no relief to the poorest of the poor in the country.

With its stagnating income tax threshold, 33.3% income tax, meagre 5% per annum pay hikes for public servants and ridiculously low $7,500 old age pension and $5,500 public assistance per month, it would appear that the government is running a very tight ship. Given that it touts decreased debt repayments one wonders whether the government wouldn’t turn a profit if it prepared a profit and loss account. But perhaps not, considering the wastage of resources that occurs when one project has to be redone over and over again owing to bungling. Continue reading →

Commissioner lends support to Victoria Youths

As more focus continues to be placed on skills training and developmental

The Canadian High Commissioner, David Devine and his wife picking some ripe peppers at the greenhouse in Victoria, East Coast Demerara

programmes that target vulnerable youths in society, the Canadian High Commissioner to Guyana, David Devine yesterday officially commissioned the GRECO Agricultural Enhancement Project Greenhouse at Victoria, East Coast Demerara (ECD).

The Building where the institute is located once housed the Guyana Radio and Electronic Company that made radios and radiograms locally.
The first stages of the agricultural project commenced in November, last and operations such as the actual planting of crops began about two months later. Continue reading →